Police in Vietnam have arrested a gang accused of orchestrating a crypto scam that defrauded tens of thousands of people to the tune of almost $400 million (VND10 trillion).
"Many elite officers and soldiers" working around the clock for 200 days were involved in dismantling Matrix Chain, according to the ministry of public security.
It's claimed victims were enticed with the promise of "super large profits" and healthy commissions, but officials said the token they ended up purchasing was worthless.
Four men and one woman—born between 1980 and 1991—have been detained, with detectives searching their properties and workplaces.
Officials claim a multi-level system spanning three regions in Vietnam was established, with misled investors told to pay a nominal fee of 1 USDT in order to download Matrix Chain's software.
Of the money collected, about 40% was spent on "regional leaders" attempting to recruit new users and 5% was spent on marketing, with the remainder being used for lavish purchases.
Detectives said that the gang’s alleged ringleader, Nguyen Quoc Hung, considered buying houses, apartments and land in several Vietnamese cities.
Promotional events and training sessions were also launched on Telegram and Facebook—encouraging victims to make further deposits by setting them targets.
It's estimated that Matrix Chain had more than 185,000 registered accounts, with 394.2 million USDT deposited and funneled through SafePal wallets.
A statement suggests that Hung confessed to contacting anonymous developers on Telegram to develop the platform on his behalf back in 2023—and paid $20,000.
It's also alleged that he controlled a wallet containing 100 million MTC tokens along with a co-conspirator, and manipulated its market value to extract additional funds from victims.
According to the local news site VnExpress, dozens of alleged accomplices are now under investigation in relation to the pyramid scheme.
Research from Chainalysis last year showed Vietnam ranked fifth in the Global Crypto Adoption Index—dropping two places compared with 2023.
In March, Vietnamese Prime Minister Minister Phạm Minh Chính directed the country's Ministry of Finance and the State Bank of Vietnam to introduce a legal framework for digital assets, with a view to providing a "safer, more transparent environment for crypto transactions."
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